We are grateful to Ran Abramitzky, Angus Deaton, Ilyana Kuziemko, Ofer Malamud, Jordan Matsudaira, Ben Olken; seminar participants at Berkeley, Bocconi, Brown, City University of New York, Cornell, Duke, Harris School, Harvard-Boston University-MIT, Minnesota, NBER Summer Institute, Notre Dame, Penn, Princeton, Stanford, SUNY Buffalo, UCL/LSE, University of Chicago, University of Illinois, Champaign-Urbana, UCLA, University of Maryland, and USC. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.